Tasmania Employment Growth Rate Over Last 12 Months Surging At 4%

Tasmania Employment Growth Rate Over Last 12 Months Surging At 4%

Australian Bureau Of Statistics

Trend Full-Time Employment Growth Continues

Victor P Taffa

Monthly trend full-time employment increased for the 11th straight month in August 2017, according to figures released by the Australian Bureau of Statistics (ABS) today.

Full-time employment grew by a further 22,000 persons in August, while part-time employment increased by 6,000 persons, underpinning a total increase in employment of 27,000 persons.

 

“Full-time employment has now increased by around 253,000 persons since August 2016, and makes up the majority of the 307,000 person increase in employment over the period.” Chief Economist for the ABS, Bruce Hockman said.

Over the past year, trend employment increased by 2.6 %, which is above the average year-on-year growth over the past 20 years (1.9 %).

Rate of employment growth (2.6 %) was greater than the growth in the population aged 15 years and over (1.7 %), which was reflected in an increase in the employment to population ratio (which is a measure of how employed the population is).

This ratio increased by 0.6 percentage points since August 2016, up to 61.5. This is the highest it has been since February 2013.

Over the past year the 3 states and territories with the strongest growth in employment were

  • Tasmania (4.0 %),
  • Queensland (3.7 %),
  • Victoria (3.2 %).

Trend monthly hours worked increased by 3.9 Million hours (0.23 %) to 1,708.6 Million hours in August 2017.

Trend unemployment rate in Australia remained at 5.6 % in August 2017, and the labour force participation rate increased to 65.2 %, the highest it has been since April 2012.

Quarterly trend underemployment rate remained steady at 8.7 % over the quarter to August 2017 from a revised figure for May 2017 quarter.

“Underemployment rate is an important indicator of the spare capacity of workers in Australia, and it has remained at 8.7 %, a historical high, for the third consecutive quarter.” Mr. Hockman said.

Quarterly trend underutilisation rate, which includes both unemployment and underemployment, decreased by 0.1 percentage points to 14.2 %.

Trend series smooth the more volatile seasonally adjusted estimates and provide the best measure of the underlying behaviour of the labour market.

Seasonally adjusted number of persons employed increased by 54,200 in August 2017.

Seasonally adjusted unemployment rate remained steady at 5.6 % and the labour force participation rate increased to 65.3 %.